You are reducing the value of your condo! When time comes to sell you take out about 50% of the buyers that want to buy for investment.
Many condo councils are voting out tenants (you then can only rent to family members) and yes they can do that!
The idea seems to be that tenants are problems.
Actually there are countless owner run stratas in Vancouver that have a multitude of problems.
- Owners that live there can be picky, don’t like each other and fight like cats and dogs
- A well run tenant building is almost always better than an owner occupied building
- Owners that hire a professional (!) management company for the selection and management of tenants can rest easy
More at www.factsbyemail.com